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Study on the Auditing Theory of Socialism with Chinese Characteristics, Revised Edition

ISBN: 978-1-119-10781-1
320 pages
May 2015
Study on the Auditing Theory of Socialism with Chinese Characteristics, Revised Edition (1119107814) cover image

Description

A comprehensive guide to China's public, private, and internal audit system

Study on the Auditing Theory of Socialism with Chinese Characteristics provides a comprehensive overview of China's auditing practices. Recent years have seen the National Audit Office of China (CNAO) making remarkable headway not only in China by guaranteeing the healthy operation of the economy and society and improving national governance through government auditing, but also in the international arena by carrying out audits with the United Nations. With constant development in the practice, an audit theory with socialist Chinese characteristics has taken shape, centering on the premise that government auditing serves as the cornerstone and safeguard of national governance. At the XXI INCOSAI held in 2013 in Beijing, the theme of “national audit and national governance” proposed and chaired by CNAO, was met with widespread approval by participants from over 160 countries, and led to the endorsement of the Beijing Declaration, which makes it a priority and target for audit institutions to promote good national governance.

To explore the nature and development of government auditing, this book probes into the history and reality, and theories and practices of auditing in various countries, and puts forward the assertion that, “as a cornerstone and important safeguard for national governance, government auditing is an ‘immune system’ endogenous within the synthetical system of national governance, with functions of precaution, revelation and defense.” Furthermore, China’s socialist auditing theory has been elaborated in nine aspects, nature, functions, goals, features, methods, management, framework of regulations and standards, IT application and culture, covering the new concepts, methodologies, techniques and achievements of China's government auditing. This book is highly relevant, practical, and readable. Jiayi Liu, the chief author, is the Auditor General of China and the current Chairman of INTOSAI Governing Board. In 2013 he won the United Nations Peace Prize in recognition of his auditing work for UN peacekeeping operations. 
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Table of Contents

Prologue ix

Acknowledgments xiii

Chapter 1 The Nature of Auditing 1

I. Several Viewpoints on the Nature of Auditing 1

II. Understanding the Nature of Government Auditing from the Perspective of National Governance 6

III. Evolution of Government Auditing for National Governance 21

IV. Core View of the Nature of Auditing from the National Governance Perspective 35

Bibliography 37

Notes 37

Chapter 2 Audit Function 41

I. General Cognition of the Government Audit Function 41

II. “Immune System” Function of Government Auditing 43

III. Connotation of Audit “Immune System” Function 47

IV. Relationship among the Three Major Functions of the Audit Immune System 55

V. Specific Embodiment of the Government Audit Function 59

Bibliography 68

Notes 69

Chapter 3 Research on the Government Audit Objective 71

I. Concept of Government Audit Objectives 71

II. Fundamental Objective of Government Auditing 75

III. Realistic Objective of Government Auditing 77

IV. Primary Task of Government Auditing at the Present Stage 82

V. Focus of Government Audit Work at the Present Stage 87

Bibliography 90

Notes 90

Chapter 4 Research on the Features of Government Auditing 91

I. General Features of Government Auditing 91

II. Operating Features of Government Auditing 97

III. Work Policy of Government Auditing 105

Bibliography 106

Note 106

Chapter 5 Audit Modes 107

I. Special Audit Investigation 107

II. Real-Time Auditing 120

III. Grand Pattern of Financial Auditing 128

IV. Unifi ed Organization of a Large-Scale Audit Project 135

V. Organizational Mode of Auditing in an IT Environment 148

Bibliography 156

Notes 156

Chapter 6 Study of Audit Management 159

I. Defi nition of Audit Management 160

II. Principles of Audit Management 167

III. Audit Strategy Management 170

IV. Audit Plan Management 177

V. Audit Quality Management 183

VI. Audit Results Management 193

VII. Audit Cost Management 199

VIII. Audit Human Resource Management 206

Bibliography 212

Notes 214

Chapter 7 Research on Audit Standardization 215

I. Meaning and Significance of Audit Standardization 215

II. Audit Standardization Process 218

III. System Structure and Main Content of Audit Standardization 224

IV. Problems and Affecting Factors in Chinese Audit Standardization 231

V. Principle and Way of Chinese Audit Standardization 234

Bibliography 239

Chapter 8 Research on Audit Informatization 241

I. Development Course of State Audit Informatization 242

II. Main Forms of Audit Informatization 247

III. Future Development Ideas about Audit Informatization 253

Bibliography 265

Notes 266

Chapter 9 Audit Culture 267

I. Concept and Function of Audit Culture 267

II. Core of Audit Culture 271

III. Characteristics of Audit Culture 276

IV. Audit Cultural Development 281

Bibliography 288

Notes 288

Index 291

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Author Information

JIAYI LIU, PHD (Economics), has been Auditor General of China since 2008. From 2011 to 2012, he served as Chairman of the United Nations Board of Auditors. In 2013, he took over as Chairman of the INTOSAI Governing Board, which expires in 2016. In 2013, he won the United Nations Peace Prize in recognition of his auditing work for UN peacekeeping operations.

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Press Release

May 27, 2015
Comprehensive book on China’s government audit system to be launched at Book Expo America 2015
  • The Study on the Auditing Theory of Socialism with Chinese Characteristics by the Auditor-General offers solid insights and guidance on auditing in China
  • Authored by the Auditor-General of the National Audit Office of the People’s Republic of China

Companies who wish to obtain a better understanding of China’s government audit system can now turn to the Study on the Auditing Theory of Socialism with Chinese Characteristics, which will be launched at the upcoming Book Expo America (BEA) 2015 in New York.  Published by Wiley (the original Chinese edition was published by the Commercial Press and the China Modern Economic Publishing House), the book provides first-hand guidance and insights into government auditing in China, as well as that of accounting firms (for example private accounting firms) and internal  auditing. Auditing in China plays a significant role in promoting the sustainability of public finance and improving national governance. The book covers nine aspects of China’s socialist auditing theory: nature, functions, goals, features, methods, management, framework of regulations and standards, IT application and culture, covering the new concepts, methodologies, techniques, and achievements of China’s government auditing.

In 2013, Professor Jiayi Liu, the Auditor-General of the National Audit Office of the People’s Republic of China, and Chief Author of the book, won the United Nations Peace Prize in recognition of his auditing work for UN peacekeeping operations. He is also the current chairman of the governing board of the International Organizations of Supreme Audit Institutions.

In addition to Professor Liu, some of China’s most experienced auditors within CNAO’s departments and institutions have contributed chapters to the book. Professor Liu writes: “As a cornerstone and important safeguard for national governance, government auditing is an ‘immune system’ endogenous within the synthetical system of national governance, with functions of precaution, revelation and defense.”

The launch of the book marks China’s growing influence and interest in publishing. China is Guest of Honor at BEA’s Global Market Forum in May 2015. A high-ranking delegation of some 500 top publishing professionals, internationally-acclaimed authors, as well as senior government officials, will attend BEA.

“Wiley is excited to now include the Study on the Auditing Theory of Socialism with Chinese Characteristics to our list of titles. Professor Liu and his team have produced an excellent work that explains Chinese auditing and how socialist theory has been woven into it. Auditors worldwide can gain insight into the Chinese auditing methodology and improve their own auditing procedures,” Said Sheck Cho, Editor/Executive, Wiley.

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About Wiley
Wiley is a global provider of knowledge and knowledge-enabled services that improve outcomes in areas of research, professional practice and education. Through the Research segment, the Company provides digital and print scientific, technical, medical, and scholarly journals, reference works, books, database services, and advertising. The Professional Development segment provides digital and print books, online assessment and training services, and test prep and certification. In Education, Wiley provides education solutions including online program management services for higher education institutions and course management tools for instructors and students, as well as print and digital content.

About The Commercial Press, Ltd.
The Commercial Press (CP) was found in 1897. For more than 110 years, the Commercial Press has taken on the responsibility of “promoting education and enlightening people” as her mission.

At present, CP consists of 19 departments, including four publication centers, i.e. Chinese, Academic, ESC (Educational, Scientific and Cultural) and Digital, and two editorial departments, i.e. English and Foreign Languages. Moreover, CP has 15 wholly-owned and holding branch companies nationwide. CP published over 1,000 titles in 2013 with a total production of over 2 billion RMB yuan, ranking No. 1 with a 2.65% market share in China’s book retailing market. Recently, CP has released more than 200 titles from The Chinese Translation of World Famous Academic Works series onto Amazon Kindle platform, starting her EP-sync publishing strategy. In addition, a comprehensive transformation will be made in terms of means of editing, producing and marketing, which means CP has officially entered a new stage of hybrid publication.

About China Modern Economic Publishing House
The National Auditing Publishing House, the predecessor of China Modern Economic Publishing House (CMEPH), was established in 1988. The publishing house, affiliated with the National Audit Office of China, publishes auditing periodicals, auditing textbooks, books, and documentations and translated books in the field of auditing from abroad as well as books and periodicals related to auditing business such as sociology, economics, supervision theories, financial administration, taxation, finance, economic laws and regulations, business administration and IT audit. CMEPH also publishes the semimonthly journals of Auditing in China, Selection of Laws and Regulations on Audit/Finance/Economics of P. R. China and Yearbook of Auditing in China; and the website of CNAO which you could log in at http://www.audit.gov.cn/ .

CMEPH has published more than a thousand books on auditing including near 20 translated books from Wiley. The published books include "Arens Auditing" (7th Edition), "The Fundamentals of Business Law" (5th Edition), and Brink’s Internal Auditing (6th Edition), "sarbanes-oxley and The New Internal Rules" The sarbanes-oxley and case studies. The Chinese version of Study on Socialist Auditing Theory with Chinese Characteristics was published in May 2013 by CMEPH.

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